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Financial Crisis In Tourism Essay

3345 words - 14 pages

Alexander Technological Educational Institution of Thessaloniki

Course:
International entrepreneurship

Financial crisis in Tourism

|Student: |Professor: |
|Mr. Samaras Giannis |

November, 2011.
Content:

1. Financial crisis in Tourism- Introduction 2
2. How the crisis affects tourism 3
3. A Strategic Approach for the Global Tourism Industry to Overcome the Global Economic Crisis: A 10-Point Plan for ...view middle of the document...

Airlines and hotels especially need to rapidly adapt to this trend. In the currency shakeout which has occurred in recent weeks, destinations with “favorable” exchange rates may benefit. Ironically the surge in value of the US dollar and the Euro may stimulate Americans, Europeans and Japanese to resume travelling overseas. The growth of Chinese and Indian outbound travel may slow but will continue because these economies are still growing. There is likely to be a growth in domestic travel or short haul international travel as people choose to stay closer to home. If governments seek to help bail out industries they could help the global tourism industry by reviewing the plethora of crippling departure and other obscure taxes which have inflated the cost of international air travel.

However, gloomy some pundits have depicted the current economic environment most people worldwide will continue earn income from their jobs. Most will want to take a vacation, and weddings, honeymoons and illicit affairs will still continue. People will want to get away from home, make a religious pilgrimage and travel will remain part of the way people do business.
The tourism industry will have a rough ride over the months ahead but those who think and act strategically and have to ability to adapt their business model quickly to the new realities will overcome this challenge.

The tourism industry is projected to grow about 6.9% annually for the next 10 years, from 5.7 trillion dollars in 2010 to 11.1 trillion dollars in 2020. Its rapid growth and ample job creation are powering the global economy. The global tourism industry is expected to expand its workforce from 260 million in 2011 to 320 million by 2021. Tourism is a great way to create jobs in an era of growth without employment. Also, tourism earns 82.3% of its revenue in foreign currencies, far exceeding the overall industrial average of 67.4%. It is a good source of foreign money, which is why other nations are eyeing tourism as a solid revenue source.[1]

Accounting for 6.7% of the world’s gross domestic product, tourism represents 30% of the worldwide service export and employs 75 million people. The importance of tourism is underlined in every economic crisis. When Asia was experiencing an unprecedented region-wide economic hardship in 1997, Malaysia developed new tourism resources by promoting its cultural assets and eco-tourism packages, and attracting sporting events. A 43% increase in foreign tourists has helped Malaysia overcome the crisis. In the latest financial crisis, the United Kingdom saw its people travelling locally instead of overseas, which resulted in its tourism industry growing to 115 billion euro in value and hiring 2.6 million more people per year. It is no wonder that the world is looking for ways to further bolster the tourism industry. But where should the industry head in the future?

The tourism trend is shifting toward green or eco-friendly tourism. People’s mental...

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